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account.
IAS 8 CHANGES IN ACCOUNTING ESTIMATES IAS 8 Changes in Accounting Estimates must be accounted for prospectively in the financial statements, i.e. the effects of the change must be incorporated in the ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period.HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. ECONOMIC ORDER QUANTITY & DISCOUNT There is a pattern of stepped decrease in total inventory cost after every discount slab is reached followed by gradual increase in the cost. As noted earlier, whenever discounts are offered, the optimum order quantity will be either the EOQ or one of the minimum discount quantities above the EOQ level (i.e. 252 units, 500 units or 1000 units in the example above). ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: C s is the setup cost of a batch; D is the annual demand; P is the annual production capacity; C h is the annual cost of holding one unit of finished inventory; The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. The cost of holding in EBQ formula is decreased by the DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES Should long outstanding trade creditors and other account payables be written off or derecognized in a similar way to the write-off of account receivables considered irrecoverable? What are the circumstances under which accounts payable balances may be written offor reversed?
DISCOUNT RECEIVED
Accounting for discount received depends on the nature of discount. Trade Discounts are offered at the time of purchase for example when goods are purchased in bulk or to retain loyal customers. Cash Discounts are offered to customers as an incentive for timely payment of their liabilities in respect of credit purchases. ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must UNDERSTANDABILITY IN ACCOUNTING Understandability of accounting information contained in financial statements is essential for its relevance to the users. Information should be presented in the financial statements in a manner that is easily understandable by a knowledgeable user. ACCOUNTING FOR ORDINARY SHARE CAPITAL Note: As with Example 1, $1 million has been recognized in the share capital account which equals to the face value of issued shares (i.e. $1 per share) whereas the excess over the face value amounting $500,000 (i.e. $0.5 per share) has been credited to the share premiumaccount.
IAS 8 CHANGES IN ACCOUNTING ESTIMATES IAS 8 Changes in Accounting Estimates must be accounted for prospectively in the financial statements, i.e. the effects of the change must be incorporated in the ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period.HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. ECONOMIC ORDER QUANTITY & DISCOUNT There is a pattern of stepped decrease in total inventory cost after every discount slab is reached followed by gradual increase in the cost. As noted earlier, whenever discounts are offered, the optimum order quantity will be either the EOQ or one of the minimum discount quantities above the EOQ level (i.e. 252 units, 500 units or 1000 units in the example above). ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: C s is the setup cost of a batch; D is the annual demand; P is the annual production capacity; C h is the annual cost of holding one unit of finished inventory; The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. The cost of holding in EBQ formula is decreased by the DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES Should long outstanding trade creditors and other account payables be written off or derecognized in a similar way to the write-off of account receivables considered irrecoverable? What are the circumstances under which accounts payable balances may be written offor reversed?
DISCOUNT RECEIVED
Accounting for discount received depends on the nature of discount. Trade Discounts are offered at the time of purchase for example when goods are purchased in bulk or to retain loyal customers. Cash Discounts are offered to customers as an incentive for timely payment of their liabilities in respect of credit purchases. ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must ACCOUNTING FOR ORDINARY SHARE CAPITAL Note: As with Example 1, $1 million has been recognized in the share capital account which equals to the face value of issued shares (i.e. $1 per share) whereas the excess over the face value amounting $500,000 (i.e. $0.5 per share) has been credited to the share premiumaccount.
ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: C s is the setup cost of a batch; D is the annual demand; P is the annual production capacity; C h is the annual cost of holding one unit of finished inventory; The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. The cost of holding in EBQ formula is decreased by the ACCOUNTING FOR SALES TAX ON PURCHASES- EXPLANATION AND The payable includes the amount of sales tax since it will be paid to the supplier. Purchases are recorded net of sales tax because any input tax paid on the purchases will be recovered from tax authorities and hence, does not form part of the expense.FIFO METHOD
As inventory is usually purchased at different rates (or manufactured at different costs) over an accounting period, there is a need to determine what cost needs to be assigned to inventory. ACCOUNTING FOR CONVERTIBLE BONDS IFRS propose that the issuing company must separately identify the liability and equity components of convertible bonds and treat them accordingly in the financial statements.DISCOUNT RECEIVED
Accounting for discount received depends on the nature of discount. Trade Discounts are offered at the time of purchase for example when goods are purchased in bulk or to retain loyal customers. Cash Discounts are offered to customers as an incentive for timely payment of their liabilities in respect of credit purchases. DIRECT MATERIAL YIELD VARIANCE Material Yield Variance measures the effect on material cost of a change in the production yield from the standard. Material yield variance is used in conjunction with material mix variance in order to provide additional analysis of the material usage variance. The difference between material usage and material yield variance is that the former focuses on the utilization of input at the start IAS 10 EVENTS AFTER THE REPORTING PERIOD (BALANCE SHEET Entity shall not adjust the financial statements in respect of those events after the end of reporting period that reflect conditions that arose after the end of reporting period (i.e. Non-Adjusting Events). Examples of Non-Adjusting Events include: Declaration of dividends after the reporting date does not indicate existence of liability to pay dividends at the reporting date and shall not DIRECT LABOR EFFICIENCY VARIANCE Direct Labor Efficiency Variance is the measure of difference between the standard cost of actual number of direct labor hours utilized during a period and the standard hours RECOGNITION CRITERIA OF ASSETS In order for an asset to be recognized in the financial statements, it must the following definition laid down in the IASB Framework: Asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity(IASB Framework).
ACCOUNTING FOR ORDINARY SHARE CAPITAL Share Premium. $250,000. ($0.25 x 1 million) Note. The total amount recognized in the share capital account is $1 million which equates to the nominal value of the issued shares (i.e. $1 per share) whereas the cash proceeds over and above the nominal value amounting $500,000 (i.e. $0.5 per share) has been credited to the share premium account. UNDERSTANDABILITY IN ACCOUNTING Understandability of the information contained in financial statements is essential for its relevance to the users. If the accounting treatments involved and the associated disclosures and presentational aspects are too complex for a user to understand despite having adequate knowledge of the entity and accountancy in general, then thiswould
IAS 8 CHANGES IN ACCOUNTING ESTIMATES Example. ABC LTD has depreciated a machine over its expected useful life of 5 years. The cost of machine was $100,000 and annual depreciation charge was therefore $25,000. No residual value is expected at the end of the machine’s useful life. Three years later, the remaining useful life of the machine was estimated to be only 1years.
HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period. ECONOMIC ORDER QUANTITY & DISCOUNT There is a pattern of stepped decrease in total inventory cost after every discount slab is reached followed by gradual increase in the cost. As noted earlier, whenever discounts are offered, the optimum order quantity will be either the EOQ or one of the minimum discount quantities above the EOQ level (i.e. 252 units, 500 units or 1000 units in the example above). ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: Cs is the setup cost of a batch. D is the annual demand. P is the annual production capacity. Ch is the annual cost of holding one unit of finished inventory. The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES This is an application of the prudence concept which requires a degree of caution in the preparation of financial statements in order to avoid the overstatement of income and assets and the understatement of liabilities and expenses. Trade creditors and other payables may be de-recognized in the following circumstances: 1. Discharge ofliability.
DISCOUNT RECEIVED
Accounting for discount received depends on the nature of discount. Trade Discounts are offered at the time of purchase for example when goods are purchased in bulk or to retain loyal customers. Cash Discounts are offered to customers as an incentive for timely payment of their liabilities in respect of credit purchases. ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must ACCOUNTING FOR ORDINARY SHARE CAPITAL Share Premium. $250,000. ($0.25 x 1 million) Note. The total amount recognized in the share capital account is $1 million which equates to the nominal value of the issued shares (i.e. $1 per share) whereas the cash proceeds over and above the nominal value amounting $500,000 (i.e. $0.5 per share) has been credited to the share premium account. UNDERSTANDABILITY IN ACCOUNTING Understandability of the information contained in financial statements is essential for its relevance to the users. If the accounting treatments involved and the associated disclosures and presentational aspects are too complex for a user to understand despite having adequate knowledge of the entity and accountancy in general, then thiswould
IAS 8 CHANGES IN ACCOUNTING ESTIMATES Example. ABC LTD has depreciated a machine over its expected useful life of 5 years. The cost of machine was $100,000 and annual depreciation charge was therefore $25,000. No residual value is expected at the end of the machine’s useful life. Three years later, the remaining useful life of the machine was estimated to be only 1years.
HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period. ECONOMIC ORDER QUANTITY & DISCOUNT There is a pattern of stepped decrease in total inventory cost after every discount slab is reached followed by gradual increase in the cost. As noted earlier, whenever discounts are offered, the optimum order quantity will be either the EOQ or one of the minimum discount quantities above the EOQ level (i.e. 252 units, 500 units or 1000 units in the example above). ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: Cs is the setup cost of a batch. D is the annual demand. P is the annual production capacity. Ch is the annual cost of holding one unit of finished inventory. The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES This is an application of the prudence concept which requires a degree of caution in the preparation of financial statements in order to avoid the overstatement of income and assets and the understatement of liabilities and expenses. Trade creditors and other payables may be de-recognized in the following circumstances: 1. Discharge ofliability.
DISCOUNT RECEIVED
Accounting for discount received depends on the nature of discount. Trade Discounts are offered at the time of purchase for example when goods are purchased in bulk or to retain loyal customers. Cash Discounts are offered to customers as an incentive for timely payment of their liabilities in respect of credit purchases. ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must ACCOUNTING FOR ORDINARY SHARE CAPITAL Share Premium. $250,000. ($0.25 x 1 million) Note. The total amount recognized in the share capital account is $1 million which equates to the nominal value of the issued shares (i.e. $1 per share) whereas the cash proceeds over and above the nominal value amounting $500,000 (i.e. $0.5 per share) has been credited to the share premium account. ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: Cs is the setup cost of a batch. D is the annual demand. P is the annual production capacity. Ch is the annual cost of holding one unit of finished inventory. The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. DIRECT MATERIAL YIELD VARIANCE Material Yield Variance shall be calculated as follows: Step 1: Calculate the Standard Yield for the total materials input. Standard Yield = 500 tons x 1000 / 51 KG = 9,804 bags. 500 tons of materials should have yielded 9,804 bags. Step 2: Calculate the Standard Cost of materials per bag. Total material cost of 1 bag of cement: Limestone.11 KG.
ACCOUNTING FOR SALES TAX ON PURCHASES- EXPLANATION AND Example: Sales Tax on Purchases. Bike LTD purchases a mountain bike from BMX LTD for $115 on credit. Sales tax is 15%. As the purchase of $115 includes an element of sales tax, we need to first separate tax from the gross amount. Input tax on the transaction may be calculated as follows: Sales Tax: 115 x 15/115 = $15.FIFO METHOD
Example. Bike LTD purchased 10 bikes during January and sold 6 bikes, details of which are as follows: The value of 4 bikes held as inventory at the end of January may be calculated as follows: The sales made on January 5 and 10 were clearly made from purchases on 1stJanuary.
RELEVANT COST OF MATERIALS Relevant cost of materials is the incremental future cost of utilizing materials in a proposed business decision. The past cost that has already been incurred on acquisition of materials is not relevant because it constitutes a sunk cost.DISCOUNT RECEIVED
Accounting for discount received depends on the nature of discount. Trade Discounts are offered at the time of purchase for example when goods are purchased in bulk or to retain loyal customers. Cash Discounts are offered to customers as an incentive for timely payment of their liabilities in respect of credit purchases. ACCOUNTING FOR CONVERTIBLE BONDS Accounting for Convertible Bonds. 3 minutes of reading. Convertible Bonds entitle bondholders to convert their bonds into a fixed number of shares of the issuing company usually at the time of their maturity. Convertible bonds are a type of compound financial instrument with characteristics of RECOGNITION CRITERIA OF ASSETS Asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity (IASB Framework). It is worth noting that the framework defines asset in terms of control rather than ownership. While control is generally evidenced through ownership, this may not always be thecase.
DIRECT LABOR EFFICIENCY VARIANCE Direct Labor Efficiency Variance is the measure of difference between the standard cost of actual number of direct labor hours utilized during a period and the standard hours UNDERSTANDABILITY IN ACCOUNTING Understandability of accounting information contained in financial statements is essential for its relevance to the users. Information should be presented in the financial statements in a manner that is easily understandable by a knowledgeable user.HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. VERIFIABILITY IN ACCOUNTING Verifiability means that the accounting information presented in financial statements must be verifiable by independent accountants. Verifiability helps to assure users that the financial statements are a true and fair representation of the underlying transactions. ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period.FIFO METHOD
As inventory is usually purchased at different rates (or manufactured at different costs) over an accounting period, there is a need to determine what cost needs to be assigned to inventory. AUDIT RISK & BUSINESS RISK Audit risk is the risk that the auditor expresses an inappropriate audit opinion on the financial statements. Audit risk therefore includes any factors that may cause a material misstatement or omission in the financial statements. Whereas business risks relate to the organization and its stakeholders, audit risk relates specificallyto an auditor.
ECONOMIC ORDER QUANTITY & DISCOUNT There is a pattern of stepped decrease in total inventory cost after every discount slab is reached followed by gradual increase in the cost. As noted earlier, whenever discounts are offered, the optimum order quantity will be either the EOQ or one of the minimum discount quantities above the EOQ level (i.e. 252 units, 500 units or 1000 units in the example above). ACCOUNTING FOR PURCHASE RETURNS Accounting for Purchase return explained. Accounting treatment of credit purchase and cash purchase returns. Journal entries with illustrative examples. ACCOUNTING FOR CONVERTIBLE BONDS IFRS propose that the issuing company must separately identify the liability and equity components of convertible bonds and treat them accordingly in the financial statements. DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES Should long outstanding trade creditors and other account payables be written off or derecognized in a similar way to the write-off of account receivables considered irrecoverable? What are the circumstances under which accounts payable balances may be written offor reversed?
UNDERSTANDABILITY IN ACCOUNTING Understandability of accounting information contained in financial statements is essential for its relevance to the users. Information should be presented in the financial statements in a manner that is easily understandable by a knowledgeable user.HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. VERIFIABILITY IN ACCOUNTING Verifiability means that the accounting information presented in financial statements must be verifiable by independent accountants. Verifiability helps to assure users that the financial statements are a true and fair representation of the underlying transactions. ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period.FIFO METHOD
As inventory is usually purchased at different rates (or manufactured at different costs) over an accounting period, there is a need to determine what cost needs to be assigned to inventory. AUDIT RISK & BUSINESS RISK Audit risk is the risk that the auditor expresses an inappropriate audit opinion on the financial statements. Audit risk therefore includes any factors that may cause a material misstatement or omission in the financial statements. Whereas business risks relate to the organization and its stakeholders, audit risk relates specificallyto an auditor.
ECONOMIC ORDER QUANTITY & DISCOUNT There is a pattern of stepped decrease in total inventory cost after every discount slab is reached followed by gradual increase in the cost. As noted earlier, whenever discounts are offered, the optimum order quantity will be either the EOQ or one of the minimum discount quantities above the EOQ level (i.e. 252 units, 500 units or 1000 units in the example above). ACCOUNTING FOR PURCHASE RETURNS Accounting for Purchase return explained. Accounting treatment of credit purchase and cash purchase returns. Journal entries with illustrative examples. ACCOUNTING FOR CONVERTIBLE BONDS IFRS propose that the issuing company must separately identify the liability and equity components of convertible bonds and treat them accordingly in the financial statements. DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES Should long outstanding trade creditors and other account payables be written off or derecognized in a similar way to the write-off of account receivables considered irrecoverable? What are the circumstances under which accounts payable balances may be written offor reversed?
LEARN ACCOUNTANCY THE EASY WAY Accounting Simplified provides interactive and easy-to-understand accounting lessons for students, professionals, teachers, and entrepreneurs for free. AUDIT RISK & BUSINESS RISK Audit risk is the risk that the auditor expresses an inappropriate audit opinion on the financial statements. Audit risk therefore includes any factors that may cause a material misstatement or omission in the financial statements. Whereas business risks relate to the organization and its stakeholders, audit risk relates specificallyto an auditor.
DUAL ASPECT CONCEPT
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the underlying basis for double entry accounting system. RELATIONSHIP & LINKS BETWEEN DIFFERENT FINANCIAL STATEMENTS The different types of financial statements are not isolated from one another but are closely related to one another. Balance sheet, income statement, cash flow statement and statement of changes in equity are all linked to each other. DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES Should long outstanding trade creditors and other account payables be written off or derecognized in a similar way to the write-off of account receivables considered irrecoverable? What are the circumstances under which accounts payable balances may be written offor reversed?
ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: C s is the setup cost of a batch; D is the annual demand; P is the annual production capacity; C h is the annual cost of holding one unit of finished inventory; The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. The cost of holding in EBQ formula is decreased by thePREPAID INCOME
Prepaid income is revenue received in advance but which is not yet earned.Income must be recorded in the accounting period in which it is earned. Following accounting entry is required to account for the prepaid income: Debit- Cash/Bank & Credit- Prepaid Income (Liability) ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must DIRECT LABOR EFFICIENCY VARIANCE Direct Labor Efficiency Variance is the measure of difference between the standard cost of actual number of direct labor hours utilized during a period and the standard hours RECOGNITION CRITERIA OF LIABILITIES In order for a liability to be recognized in the financial statements, it must meet the following definition provided by the framework: A liability is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits (IASBFramework).
LEARN ACCOUNTANCY THE EASY WAY Accounting Simplified provides interactive and easy-to-understand accounting lessons for students, professionals, teachers, and entrepreneurs for free. ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period. ACCOUNTING FOR PURCHASE RETURNS Example. Bike LTD purchases a mountain bike from BMX LTD for $100 on cash. Bike LTD later returns the bike to BMX LTD due to a serious defect in the design of the bike. The initial purchase will be recorded as follows: Upon the return of bike, the following double entry will be passed: When BMX LTD will pay $100 owed to Bike LTD inrespect of
HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
VERIFIABILITY IN ACCOUNTING Verifiability means that the accounting information presented in financial statements must be verifiable by independent accountants. Verifiability helps to assure users that the financial statements are a true and fair representation of the underlying transactions.FIFO METHOD
Example. Bike LTD purchased 10 bikes during January and sold 6 bikes, details of which are as follows: The value of 4 bikes held as inventory at the end of January may be calculated as follows: The sales made on January 5 and 10 were clearly made from purchases on 1stJanuary.
ACCOUNTING FOR RECEIVABLES Accounting for Receivables. As credit sale results in increase in the income (sale revenue) and assets (receivable) of the entity, assets must be debited whereas income must be credited. In case of a credit sale, the following double entry is recorded: The double entry is same as in the case of a cash sale, except that a different asset account DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES This is an application of the prudence concept which requires a degree of caution in the preparation of financial statements in order to avoid the overstatement of income and assets and the understatement of liabilities and expenses. Trade creditors and other payables may be de-recognized in the following circumstances: 1. Discharge ofliability.
ACCOUNTING FOR CONVERTIBLE BONDS Accounting for Convertible Bonds. 3 minutes of reading. Convertible Bonds entitle bondholders to convert their bonds into a fixed number of shares of the issuing company usually at the time of their maturity. Convertible bonds are a type of compound financial instrument with characteristics of ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must LEARN ACCOUNTANCY THE EASY WAY Accounting Simplified provides interactive and easy-to-understand accounting lessons for students, professionals, teachers, and entrepreneurs for free. ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period. ACCOUNTING FOR PURCHASE RETURNS Example. Bike LTD purchases a mountain bike from BMX LTD for $100 on cash. Bike LTD later returns the bike to BMX LTD due to a serious defect in the design of the bike. The initial purchase will be recorded as follows: Upon the return of bike, the following double entry will be passed: When BMX LTD will pay $100 owed to Bike LTD inrespect of
HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
VERIFIABILITY IN ACCOUNTING Verifiability means that the accounting information presented in financial statements must be verifiable by independent accountants. Verifiability helps to assure users that the financial statements are a true and fair representation of the underlying transactions.FIFO METHOD
Example. Bike LTD purchased 10 bikes during January and sold 6 bikes, details of which are as follows: The value of 4 bikes held as inventory at the end of January may be calculated as follows: The sales made on January 5 and 10 were clearly made from purchases on 1stJanuary.
ACCOUNTING FOR RECEIVABLES Accounting for Receivables. As credit sale results in increase in the income (sale revenue) and assets (receivable) of the entity, assets must be debited whereas income must be credited. In case of a credit sale, the following double entry is recorded: The double entry is same as in the case of a cash sale, except that a different asset account DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES This is an application of the prudence concept which requires a degree of caution in the preparation of financial statements in order to avoid the overstatement of income and assets and the understatement of liabilities and expenses. Trade creditors and other payables may be de-recognized in the following circumstances: 1. Discharge ofliability.
ACCOUNTING FOR CONVERTIBLE BONDS Accounting for Convertible Bonds. 3 minutes of reading. Convertible Bonds entitle bondholders to convert their bonds into a fixed number of shares of the issuing company usually at the time of their maturity. Convertible bonds are a type of compound financial instrument with characteristics of ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must LEARN ACCOUNTANCY THE EASY WAY Accounting Simplified provides interactive and easy-to-understand accounting lessons for students, professionals, teachers, and entrepreneurs for free.HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
VERIFIABILITY IN ACCOUNTING Verifiability means that the accounting information presented in financial statements must be verifiable by independent accountants. Verifiability helps to assure users that the financial statements are a true and fair representation of the underlying transactions. LIMITATIONS OF ACCOUNTING & FINANCIAL REPORTING Audit is the main mechanism that enables users to place trust on financial statements. However, audit only provides ‘reasonable’ and not absolute assurance on the truth and fairness of the financial statements which means that despite carrying audit according to acceptable standards, certain material misstatements in financial statements may yet remain undetected due to the inherentDUAL ASPECT CONCEPT
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the underlying basis for double entry accounting system. ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: Cs is the setup cost of a batch. D is the annual demand. P is the annual production capacity. Ch is the annual cost of holding one unit of finished inventory. The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must DIRECT LABOR EFFICIENCY VARIANCE Direct Labor Efficiency Variance is the measure of difference between the standard cost of actual number of direct labor hours utilized during a period and the standard hours ACCOUNTING FOR DOUBTFUL DEBTS Allowance for doubtful debts is created by forming a credit balance which is netted off against the total receivables appearing in the balance sheet. A corresponding debit entry is recorded to account for the expense of the potential loss. Accounting entry to record the allowance for receivable is as follows: Debit Allowance for Doubtful Debts (Expense) & Credit Allowance for Doubtful Debts DEBT-TO-EQUITY RATIO Debt-to-Equity Ratio, often referred to as Gearing Ratio, is the proportion of debt financing in an organization relative to its equity. Debt-to-equity ratio directly affects the financial risk of an organization. Debt-to-equity ratio quantifies the proportion of finance attributable to debt and equity. LEARN ACCOUNTANCY THE EASY WAY Accounting Simplified provides interactive and easy-to-understand accounting lessons for students, professionals, teachers, and entrepreneurs for free. ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: Cs is the setup cost of a batch. D is the annual demand. P is the annual production capacity. Ch is the annual cost of holding one unit of finished inventory. The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. IAS 8 CHANGES IN ACCOUNTING ESTIMATES Example. ABC LTD has depreciated a machine over its expected useful life of 5 years. The cost of machine was $100,000 and annual depreciation charge was therefore $25,000. No residual value is expected at the end of the machine’s useful life. Three years later, the remaining useful life of the machine was estimated to be only 1years.
HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period. ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES This is an application of the prudence concept which requires a degree of caution in the preparation of financial statements in order to avoid the overstatement of income and assets and the understatement of liabilities and expenses. Trade creditors and other payables may be de-recognized in the following circumstances: 1. Discharge ofliability.
DIRECT LABOR EFFICIENCY VARIANCE Direct Labor Efficiency Variance is the measure of difference between the standard cost of actual number of direct labor hours utilized during a period and the standard hoursPREPAID INCOME
Prepaid income is revenue received in advance but which is not yet earned.Income must be recorded in the accounting period in which it is earned. Following accounting entry is required to account for the prepaid income: Debit- Cash/Bank & Credit- Prepaid Income (Liability) DEBT-TO-EQUITY RATIO Debt-to-Equity Ratio, often referred to as Gearing Ratio, is the proportion of debt financing in an organization relative to its equity. Debt-to-equity ratio directly affects the financial risk of an organization. Debt-to-equity ratio quantifies the proportion of finance attributable to debt and equity. LEARN ACCOUNTANCY THE EASY WAY Accounting Simplified provides interactive and easy-to-understand accounting lessons for students, professionals, teachers, and entrepreneurs for free. ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: Cs is the setup cost of a batch. D is the annual demand. P is the annual production capacity. Ch is the annual cost of holding one unit of finished inventory. The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. IAS 8 CHANGES IN ACCOUNTING ESTIMATES Example. ABC LTD has depreciated a machine over its expected useful life of 5 years. The cost of machine was $100,000 and annual depreciation charge was therefore $25,000. No residual value is expected at the end of the machine’s useful life. Three years later, the remaining useful life of the machine was estimated to be only 1years.
HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period. ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES This is an application of the prudence concept which requires a degree of caution in the preparation of financial statements in order to avoid the overstatement of income and assets and the understatement of liabilities and expenses. Trade creditors and other payables may be de-recognized in the following circumstances: 1. Discharge ofliability.
DIRECT LABOR EFFICIENCY VARIANCE Direct Labor Efficiency Variance is the measure of difference between the standard cost of actual number of direct labor hours utilized during a period and the standard hoursPREPAID INCOME
Prepaid income is revenue received in advance but which is not yet earned.Income must be recorded in the accounting period in which it is earned. Following accounting entry is required to account for the prepaid income: Debit- Cash/Bank & Credit- Prepaid Income (Liability) DEBT-TO-EQUITY RATIO Debt-to-Equity Ratio, often referred to as Gearing Ratio, is the proportion of debt financing in an organization relative to its equity. Debt-to-equity ratio directly affects the financial risk of an organization. Debt-to-equity ratio quantifies the proportion of finance attributable to debt and equity. ACCOUNTING FOR ORDINARY SHARE CAPITAL Share Premium. $250,000. ($0.25 x 1 million) Note. The total amount recognized in the share capital account is $1 million which equates to the nominal value of the issued shares (i.e. $1 per share) whereas the cash proceeds over and above the nominal value amounting $500,000 (i.e. $0.5 per share) has been credited to the share premium account.HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period. ACCOUNTING FOR SALES TAX ON PURCHASES- EXPLANATION AND Example: Sales Tax on Purchases. Bike LTD purchases a mountain bike from BMX LTD for $115 on credit. Sales tax is 15%. As the purchase of $115 includes an element of sales tax, we need to first separate tax from the gross amount. Input tax on the transaction may be calculated as follows: Sales Tax: 115 x 15/115 = $15. AUDIT RISK & BUSINESS RISK Audit risk is the risk that the auditor expresses an inappropriate audit opinion on the financial statements. Audit risk therefore includes any factors that may cause a material misstatement or omission in the financial statements. Whereas business risks relate to the organization and its stakeholders, audit risk relates specificallyto an auditor.
DUAL ASPECT CONCEPT
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the underlying basis for double entry accounting system.FIFO METHOD
Example. Bike LTD purchased 10 bikes during January and sold 6 bikes, details of which are as follows: The value of 4 bikes held as inventory at the end of January may be calculated as follows: The sales made on January 5 and 10 were clearly made from purchases on 1stJanuary.
MONEY MEASUREMENT CONCEPT IN ACCOUNTING The recognition criteria defined by IASB and FASB require that the elements of financial statements (i.e. assets, liabilities, income and expense) must only be recognized in the financial statements if its cost or value can be measured with sufficient reliability. Therefore, an entity shall not recognize an element of financial statement unless a reliable value can be assigned to it. REORDER POINT OF INVENTORY Reorder Point = (Average Lead time x Average usage) + Safety Stock. where: Average Lead Time is the average number of days it takes between the moment an order is placed and when the inventory is actually received from the supplier and made available forconsumption.
ACCOUNTING FOR DOUBTFUL DEBTS Allowance for doubtful debts is created by forming a credit balance which is netted off against the total receivables appearing in the balance sheet. A corresponding debit entry is recorded to account for the expense of the potential loss. Accounting entry to record the allowance for receivable is as follows: Debit Allowance for Doubtful Debts (Expense) & Credit Allowance for Doubtful Debts LEARN ACCOUNTANCY THE EASY WAY Accounting Simplified provides interactive and easy-to-understand accounting lessons for students, professionals, teachers, and entrepreneurs for free. ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: Cs is the setup cost of a batch. D is the annual demand. P is the annual production capacity. Ch is the annual cost of holding one unit of finished inventory. The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. IAS 8 CHANGES IN ACCOUNTING ESTIMATES Example. ABC LTD has depreciated a machine over its expected useful life of 5 years. The cost of machine was $100,000 and annual depreciation charge was therefore $25,000. No residual value is expected at the end of the machine’s useful life. Three years later, the remaining useful life of the machine was estimated to be only 1years.
HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period. ACCOUNTING TREATMENT OF STOLEN ASSETS & INSURANCE Accounting treatment for lost or stolen tangible fixed assets such as motor vehicles is similar to the accounting for disposal of such assets without any sale proceeds. The fixed asset must be de-recognized from the statement of financial position and a loss must DERECOGNITION & WRITE OFF OF ACCOUNTS PAYABLES This is an application of the prudence concept which requires a degree of caution in the preparation of financial statements in order to avoid the overstatement of income and assets and the understatement of liabilities and expenses. Trade creditors and other payables may be de-recognized in the following circumstances: 1. Discharge ofliability.
DIRECT LABOR EFFICIENCY VARIANCE Direct Labor Efficiency Variance is the measure of difference between the standard cost of actual number of direct labor hours utilized during a period and the standard hoursPREPAID INCOME
Prepaid income is revenue received in advance but which is not yet earned.Income must be recorded in the accounting period in which it is earned. Following accounting entry is required to account for the prepaid income: Debit- Cash/Bank & Credit- Prepaid Income (Liability) DEBT-TO-EQUITY RATIO Debt-to-Equity Ratio, often referred to as Gearing Ratio, is the proportion of debt financing in an organization relative to its equity. Debt-to-equity ratio directly affects the financial risk of an organization. Debt-to-equity ratio quantifies the proportion of finance attributable to debt and equity. LEARN ACCOUNTANCY THE EASY WAY Accounting Simplified provides interactive and easy-to-understand accounting lessons for students, professionals, teachers, and entrepreneurs for free. ECONOMIC BATCH QUANTITY (EBQ) Economic Batch Quantity = √ ( (2 x C s x D ) / (C h (1 – D/P)) ) Where: Cs is the setup cost of a batch. D is the annual demand. P is the annual production capacity. Ch is the annual cost of holding one unit of finished inventory. The formula for calculating EBQ is very similar to EOQ with one notable difference in the denominator. IAS 8 CHANGES IN ACCOUNTING ESTIMATES Example. ABC LTD has depreciated a machine over its expected useful life of 5 years. The cost of machine was $100,000 and annual depreciation charge was therefore $25,000. No residual value is expected at the end of the machine’s useful life. Three years later, the remaining useful life of the machine was estimated to be only 1years.
HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
ACCOUNTING FOR ORDINARY SHARE CAPITAL Share Premium. $250,000. ($0.25 x 1 million) Note. The total amount recognized in the share capital account is $1 million which equates to the nominal value of the issued shares (i.e. $1 per share) whereas the cash proceeds over and above the nominal value amounting $500,000 (i.e. $0.5 per share) has been credited to the share premium account.HIGH LOW METHOD
High Low Method assumes a linear relationship between cost and activity which is an over simplified analysis of cost behavior. Activity based costing can provide a more useful analysis of the behavior of cost in relation to distinct activities. High Low Method is not representative of entire data as it is based on just 2 activitylevels.
ACCOUNTING FOR LOAN PAYABLES Accounting for loan payables, such as bank loans, involves taking account of receipt of loan, re-payment of loan principal and interest expense. Liability for loan is recognized once the amount is received from the lender. Interest expense is calculated on the outstanding amount of the loan for that period. ACCOUNTING FOR SALES TAX ON PURCHASES- EXPLANATION AND Example: Sales Tax on Purchases. Bike LTD purchases a mountain bike from BMX LTD for $115 on credit. Sales tax is 15%. As the purchase of $115 includes an element of sales tax, we need to first separate tax from the gross amount. Input tax on the transaction may be calculated as follows: Sales Tax: 115 x 15/115 = $15. AUDIT RISK & BUSINESS RISK Audit risk is the risk that the auditor expresses an inappropriate audit opinion on the financial statements. Audit risk therefore includes any factors that may cause a material misstatement or omission in the financial statements. Whereas business risks relate to the organization and its stakeholders, audit risk relates specificallyto an auditor.
DUAL ASPECT CONCEPT
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the underlying basis for double entry accounting system.FIFO METHOD
Example. Bike LTD purchased 10 bikes during January and sold 6 bikes, details of which are as follows: The value of 4 bikes held as inventory at the end of January may be calculated as follows: The sales made on January 5 and 10 were clearly made from purchases on 1stJanuary.
MONEY MEASUREMENT CONCEPT IN ACCOUNTING The recognition criteria defined by IASB and FASB require that the elements of financial statements (i.e. assets, liabilities, income and expense) must only be recognized in the financial statements if its cost or value can be measured with sufficient reliability. Therefore, an entity shall not recognize an element of financial statement unless a reliable value can be assigned to it. REORDER POINT OF INVENTORY Reorder Point = (Average Lead time x Average usage) + Safety Stock. where: Average Lead Time is the average number of days it takes between the moment an order is placed and when the inventory is actually received from the supplier and made available forconsumption.
ACCOUNTING FOR DOUBTFUL DEBTS Allowance for doubtful debts is created by forming a credit balance which is netted off against the total receivables appearing in the balance sheet. A corresponding debit entry is recorded to account for the expense of the potential loss. Accounting entry to record the allowance for receivable is as follows: Debit Allowance for Doubtful Debts (Expense) & Credit Allowance for Doubtful DebtsX
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Please enable JavaScript to view the comments powered by Disqus. FINANCIAL ACCOUNTING MANAGEMENT ACCOUNTINGIFRS
AUDIT
Accounting Concepts and Principles Introduction to Management Accounting IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors
Purpose of Audit
Elements of Financial Statements Management Accounting Concepts IAS 10 Events after the Reporting Date Limitations of Audit Double Entry Accounting Introduction to Variance Analysis IAS 11 Construction ContractsTypes of Audit
Accounting for Share Capital Limitations of Standard Costing & Variance Analysis IAS 33 Earning Per ShareTrue and Fair View
Accounting for Sales Relevant Cost and Decision MakingAudit Risk
Accounting for Purchases Limiting Factor Analysis Audit Risk & Business Risk Accounting for Cash TransactionsBudgeting
Audit Assertions
Accounting for Inventory Investment Appraisal Accounting for Fixed Assets Accruals and Prepayments Receivables and Payables Accounting for dividends & interestBank Reconciliation
Trial Balance
Ratio Analysis
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